The 2000 TBMA/ISMA Global Master Repurchase Agreement (GMRA) is a standard agreement used by market participants in the international repurchase agreement (repo) market. It was developed in response to the growth of the global repo market in the 1990s and aims to provide a framework for the efficient and standardized conduct of repo transactions.

The GMRA sets out the terms and conditions under which a seller agrees to sell securities to a buyer with the agreement to repurchase them at a later date at a higher price. This enables the buyer to use the securities as collateral for funding, while the seller benefits from the liquidity provided by the transaction.

One of the key features of the GMRA is its flexibility. It allows for a wide range of assets to be used as collateral, including government bonds, corporate bonds, equities, and even certain types of commodities. This makes it a versatile tool for short-term funding, as well as for managing risk exposure.

Another important aspect of the GMRA is its enforceability. By providing a standard set of terms and conditions, it helps to minimize the potential for disputes and provides a clear path for resolving any issues that do arise. This also makes it easier for parties to negotiate and execute repo transactions across different jurisdictions.

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Overall, the 2000 TBMA/ISMA Global Master Repurchase Agreement plays an important role in facilitating the efficient functioning of the global repo market. Its standardization and flexibility have helped to drive the growth of this market and ensure the continued availability of short-term funding for market participants.